Softs Report 03/25/2026

DJ USDA Cold Storage: Totals-Mar 24
WASHINGTON (Dow Jones)==U.S. stocks of pork bellies in freezers
totaled 44.897 million pounds, in February, 4.5% above the previous
month, and 7.6% below February 2025, the U.S. Department Agriculture
said Tuesday.
In thousand pounds.
public
Feb 28 Jan 31 Feb 28 Jan 31 warehouse
2026 2026 2025 2025 stocks/Feb
pork bellies 44,897 42,956 48,586 41,700
orange juice 337,367 347,709 213,419 221,860
french fries 1,065,655 1,049,104 981,132 945,898
other potatoes 250,439 250,878 246,599 247,031
chicken rstr (whole) 11,069 11,929 9,063 10,357
ham 83,909 80,496 83,605 79,393
total pork 403,503 403,805 423,483 407,251 387,058
total beef 413,341 427,337 435,896 455,092 410,538
total red meat 834,466 848,588 879,534 881,285 815,217
total chicken 780,124 782,271 793,487 803,966
total turkey 254,673 213,621 292,327 259,996
total poultry 1,036,339 997,406 1,087,062 1,065,198 982,551
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COTTON
General Comments: Cotton was a little higher yesterday as the war with Iran continues but is not going well for the US and as the weather remains s question, President Trump said this week that the US and Iran were talking and that the US would refrain from ramping up attacks this week. Iean has denied that talks are happening. The market is worried about the weather that remains hot and dry in US Cotton areas, mostly from Texas to the west. Much of the demand for Cotton comes from the Middle East and Southeast Asia and the costs of production have increased dramatically because of the war. Much of the rest of the demand comes from China and Southeast Asia. Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields. Trends are mixed on the daily charts.
Overnight News:
Chart Trends: Trends in Cotton are mixed to down. Support is at 66.40, 65.-0, and 63.80 May, with resistance of 69.40, 70.00 and 70.60 May.

FCOJ
General Comments: Futures were sharply higher yesterday and trends are mixed on the daily charts. The Florida harvest is about over and the conditions are mostly dry. The weather for the next crop is dry but seasonal and some rains are starting to appear. Chart trends are mixed on the daily charts. The weather is considered good for production in Brazil and Mexico. Scattered showers are still reported in Brazil.
Overnight News: ICE said that 0 notices were posted for delivery against March futures and that total deliveries for the month are now 4 contracts.
Chart Trends: Trends in FCOJ are down. Support is at 156.00, 150.00, and 14400 May, with resistance at 193,00 202.00, and 207.00 May.

COFFEE
General Comments: New York and London were higher yesterday, with New York having the stronger market. There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran. Brazil said exports might not improve that much in March due to shipping costs and concerns. There are reports of very good conditions in Brazil and a large crop is forecast. Brazil producers have stopped selling due to the recent fall in prices. World production conditions are generally good. Scattered showers are being reported now to improve tree condition in Brazil. Mexico is in good condition, as is Central America. Vietnam has scattered showers lately and conditions there are called good.
Overnight News: The ICO average price is 285.83 ct/lb.
Chart Trends: Trends in New York are mixed to up. Support is at 301.00, 295.00, and 288.00 May, and resistance is at 325.00, 347.00 and 354.00 May. Trends in London are mixed. Support is at 3500, 3400, and 3340 May, with resistance at 3690, 3740, and 3840 May.

SUGAR
General Comments: New York and London were higher in reaction to price action in petroleum futures caused in part to statements by President Trump indicating that the US and Iran are talking. Iran gas denied that there are talks and even if the war ends soon analysts expect a long time for recovery of infrastructure in the Middle East. The US is now pausing new strikes on Iean to help the talks along. The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol. Trends are mixed on the daily charts in both markets. There are good supplies for the market from good growing conditions for cane and beets around the world. The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive but a rise in production in India and Thailand being offset by the war
Overnight News:
Chart Trends: Trends in New York are up. Support is at 1410, 1360, and 1330 May and resistance is 1600, 1660, and 1720 May. Trends in London are mixed. Support is at 440.00, 433.00, and 425.00 May, with resistance at 464.00, 470.00, and 476.00 May.

COCOA
General Comments: New York and London closed a little higher in range trading yesterday. Short term trends are mixed in both markets. A big main crop harvest has arrived in West Africa and rains have been positive for the next crop. There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America. The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue. Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real. Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 2740, 2620, and 2500 May, with resistance at 3860, 4330, and 4400 May. Trends in London are down. Support is at 2000, 1940, and 1880 May, with resistance at 2670, 2970, and 3050 May.

Questions? Ask Jack Scoville today at 312-264-4322